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Streaks are made to be broken. Oil prices broke the string of higher closes as tepid demand and rising supply seem to be zapping some of this market's bullish enthusiasm. Oh sure, the EIA supply report was more bullish than the American Petroleum Institute report, yet even that report did not suppress the nagging question of ample supply. I suppose you can say that the market is focused on better days ahead but for now if oil goes higher, it is a clear example of oil price stagflation.
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